Should you get flood insurance?

The flooding in the Midwest has alerted many of us to a danger that we weren’t aware we faced. Unfortunately, for many people it was more than just an alert. And as anyone who has read or seen the news knows, flooding causes an enormous amount of damage. (This is the case even when the water damage comes from other sources, such as putting out a fire.) Those of us who aren’t experiencing the floods can (among other things) use this as a wakeup call to check for flood insurance coverage. So that’s what I’ve done.

Now, I’m not sure why it never occurred to me that our house could be in danger of flooding. To outsiders, it might seem like it’s probably because I live in a desert. But both drought and flood are common dangers in the desert. I’ve lived here for more than 30 years, and I KNOW, from first hand experience, that the areas near where I live can, have, and do flood.

I’ve personally seen the river that’s normally completely dry wash a way a house. I’ve seen it tear off chunks of asphalt like the roads were made of paper. I’ve lived here when every bridge but one was washed away, and water rushed near the bottom of that bridge. I see the clueless people on the news every year that have to be rescued from the tops of their cars because they tried to drive through a flooded wash. I’ve seen water reach the tops of the sidewalks after days of rain brought by El Niño. I know there are dams upriver that could release water, both intentionally and unintentionally. So it’s time to shake myself from denial and look into getting coverage.

If you are in the US, chances are you can obtain coverage from the National Flood Insurance Program. You can view your property’s general level of flood risk at floodsmart.gov, or you can view more specific flood maps at the FEMA Map Service Center.

Our property is in a low to moderate area for flood risk, which means that the general risk of flooding is 1% or less. We qualify for a preferred risk policy, so it won’t be very expensive to get. There is a 30 day waiting period after the insurance company gets our check & application, and then we will be covered (barring any unforeseen issues.) We’re opting for the replacement cost basis coverage instead of actual cash basis. It’s a small price to pay for a little greater peace of mind. While it’s true that the risk of flooding is very, very low for us, since the coverage is inexpensive and affordable, why not get it? I feel better having this done, and I’ll feel even better once we are actually covered.